Bitcoin’s month-long slump just seems to keep going, but cryptocurrency true believers see opportunity and brighter days ahead.
Word came down on Monday that Twitter is the latest platform to ban crypto advertising, and prices for Bitcoin and altcoins responded swiftly by dropping a bit further with the price of Bitcoin slipping below $8,000.
While that’s still way up from where prices were a year ago, it’s also a big drop from the late December high price of nearly $20,000 per Bitcoin.
The Twitter ban takes effect Tuesday, according to Reuters, and covers ads for Initial Coin Offerings (ICOs), which went absolutely bonkers in 2017.
“The bans on Google, Facebook and Twitter are welcome because there’s too much noise and too many ICOs,” David Drake of LDJ Capital told me.
More than one ICO over the past year popped up out of nowhere, raised tons of money and then disappeared.
Drake is a noted investor who also has a notably bullish take on crypto despite its rough month. He told Bloomberg he sees Bitcoin hitting $30,000 by the end of 2018.
Editor’s note: Bitcoin and digital currencies, as with any investment, may involve the risk of loss. The Consumer Financial Protection Bureau has warned that virtual currencies, including Bitcoin, carry “significant risk” to consumers.
That also makes right now a good opportunity in his eyes.
“I think it’s a great time to get involved in crypto now,” Drake told me. “Everything is so depressed. News is manipulating the prices continuously and there’s a lot of fear and uncertainty globally.”
If Drake is right and Bitcoin hits $30,000 within nine months, it will be on track to make another big prediction come true: crypto fanatic John McAfee’s bet that Bitcoin will hit $1 million by the end of 2020.
Disclosure: I own a small amount of Bitcoin and a few other cryptocurrencies.